Gold and Silver prices consolidate ahead of high-stakes events on Friday Gold XAUUSD Silver XAGUSD
Gold price needs fresh impulse from US PCE inflation, Chinese PMIs before bulls target higher levels.Precious metals are consolidating this week after seeing enormous gains since the beginning of March.price is trading comfortably above $1,950 after having peaked around the thick $2,000 round resistance.
Until then, Gold price is likely to stay rangebound, together with stable US Treasury bond yields andThe second most precious metal, Silver, is highly correlated with Gold, as usual. That said, XAG/USD has not seen as much of a retracement this week, actually making its higher daily close since early February on Wednesday, around $23.30.
XAG/USD has already rallied past the 61.8% Fibonacci retracement level from the January 16-March 8 downtrend, and with its main Simple Moving Averages in the dailynearing a bullish cross, it could soon find a platform for another rally back to year-to-date highs. These levels, around $24,50, are the main target and resistance for Silver bulls, as they coincide with a long-term bearish trendline that has contained price action since May 2021.
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